Westamerica Bancorporation (WABC) investor relations material

Executive summary

• Net income for Q1 2026 was $27.4 million, with diluted EPS of $1.13, including a $300 thousand reversal of provision for credit losses, boosting EPS by $0.01 compared to Q4 2025 net income of $27.8 million and EPS of $1.12.

• Annualized return on average common equity was 11.0% for Q1 2026.

• Shareholders received a $0.46 per share dividend, and 997,000 shares were retired under the repurchase plan.

Financial highlights

• Net interest income (FTE) was $52.7 million, down 6.6% year-over-year and 1.6% sequentially.

• Noninterest income totaled $9.6 million, down 6.9% year-over-year and 4.0% sequentially.

• Noninterest expenses were $25.9 million, up 3.1% year-over-year and 1.8% sequentially.

• Net interest margin (FTE) was 3.74%, down from 3.90% a year ago and 3.76% in Q4 2025.

• Efficiency ratio (FTE) was 41.6%, up from 37.7% a year ago.

Outlook and guidance

• Management highlighted the benefit of a low-cost deposit base, with 46% in non-interest bearing checking accounts and a 0.24% annualized cost of funding.

• Forward-looking statements caution about risks from credit, interest rates, competition, regulation, and economic conditions.